# Table 4c: Instrument Breakdown (Winsorized p1/p99)

| Variable | Win: fdi_assets | Win: fdi_liab | Win: port_eq_assets | Win: debt_assets | Win: debt_liab | Win: fx_reserves |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 46.0563 | 64.3410 | -131.7536** | -32.1563 | 63.6343 | 66.3726*** |
| | (147.8992) | (188.5020) | (58.7472) | (121.7657) | (118.8678) | (18.1075) |
| Z_2 | -1.2918 | 4.1616 | 22.5153** | 15.7897 | -4.1028 | -7.6803*** |
| | (22.4954) | (28.6710) | (8.9335) | (18.4793) | (18.0154) | (2.7497) |
| Z_3 | 0.0351 | -0.4026 | -0.9304** | -0.8430 | 0.0962 | 0.2512** |
| | (0.9359) | (1.1928) | (0.3716) | (0.7645) | (0.7436) | (0.1139) |
| fiscal_bal_gdp | -0.0664 | -0.1901 | -0.0178 | -0.2464** | -0.6740*** | 0.0041 |
| | (0.1312) | (0.1672) | (0.0521) | (0.1133) | (0.1136) | (0.0166) |
| nfa_gdp_lag | -4.5919*** | -5.1400*** | 0.7709 | -6.4372*** | -13.6267*** | 0.1994 |
| | (1.2582) | (1.6036) | (0.4994) | (1.0806) | (1.0793) | (0.1590) |
| log_rel_opw | -5.5170 | -12.6486** | -8.8963*** | -18.1848*** | -15.9773*** | -1.3248** |
| | (4.9067) | (6.2537) | (1.9495) | (4.0438) | (3.9482) | (0.6013) |
| kaopen | 0.0302 | -0.0666 | 1.4072*** | 3.1172*** | 1.8867 | 0.1596 |
| | (1.3580) | (1.7308) | (0.5404) | (1.1594) | (1.1541) | (0.1709) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | fdi_assets_gdp_w | fdi_liab_gdp_w | port_eq_assets_gdp_w | debt_assets_gdp_w | debt_liab_gdp_w | fx_reserves_gdp_w |
| N | 4540 | 4540 | 4528 | 4540 | 4540 | 4540 |
| R² | 0.0259 | 0.0171 | 0.0201 | -0.0035 | 0.0102 | 0.0779 |
| Countries | 164 | 164 | 164 | 164 | 164 | 164 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*